DEVELOPMENT OF A MODERNISLAMIC FINANCE FRAMEWORK
Islamic finance is not new. At the time Islam began in the 7th century, Arabia stood at the economic crossroads of an active market in spices and precious metals. Prophet Muhammad (pbuh) himself was a merchant and a caravan trader before he became a Messenger of Allah (swt).
The Holy Koran, the sacred book of Islam, encourages Muslims to engage in trade and invest in their efforts for God to ensure abundant returns:
“Islamic finance is based on Shariah, or the body of Islamic law; Shariah means ‘the path to the water source.’”
Who is he that will loan to Allah a beautiful loan, which Allah will double unto his credit and multiply many times? It is Allah that giveth (you) want or plenty and to Him ...